With the onset of the fall, Russian banks have dropped interest rates on retail deposits, says Vedomosti.

      The downgrade has not been significant but the trend could be bad news for Russians who’ve been spoilt by profitable seasonal offers in the spring.

      Lower rates are largely due to the efforts of the Central Bank who’s been voicing liquidity concerns.

      Sberbank’s CEO, German Gref, has recently called for a purge in the industry saying his bank has to pay for the risks caused by many other banks offering higher deposit rates.